Economics Commons^™

Philip Kotler, Confronting Capitalism (2015) & Democracy In Decline (2016), Mark Peterson

Markets, Globalization & Development Review

No abstract provided.

Corporate Codes In The Varieties Of Capitalism: How Their Enforcement Depends On The Differences Among Production Regimes, Gunther Teubner

Indiana Journal of Global Legal Studies

Globalization has reinforced the conflicts among the varieties of capitalism. The colliding units are not just nation states, but transnational production regimes, which cut through national boundaries. The conflicts lead global corporate codes, which are developed by international organizations, to take different directions when they are concretized on the enterprise level. They will be differently enforced according to whether they are located in Liberal Market Economies (LME), adapted to the New Sovereignty of enterprises, or in Coordinated Market Economies (CME) with greater components of social welfare state and economic democracy.

Different patterns of enforcement emerge particularly when the courts have …

Bilateral Investment Agreements - The Legal Basis For Economic Partnership, E. Tulyakov

International Relations: Politics, Economics, Law

Attracting foreign investment, a developing country sets several goals: to obtain financial resources, use advanced managerial experience, and introduce innovative technologies. Achieving these goals becomes the basis for the modernization of the national economy. The advantages of bilateral agreements include the fact that they are the most flexible instrument for regulating interstate investment agreements that can have a direct regulatory effect on the subjects of these relations, thus compensating for the lack of incompleteness and instability of national investment legislation.

Currency Regime Of Uzbekistan: Goals, Consequences, Ways To Improve, N. Sirajiddinov

International Relations: Politics, Economics, Law

The currency regime and exchange rate policy of the country are among the main factors determining the investment climate and the competitiveness of national producers, macroeconomic stability and financial security of the state. Investment activity, the pace of modernization of the economy and its structural adjustment, the achievement of its sustainable growth, and the increase in the level of well-being of the population largely depend on the currency regime used. It is the exchange rate policy chosen by the government that largely determines the stability of the national currency, its protection against external shock influences, the country's sufficient foreign currency …

Autarky Or Interdependence? U.S. Vs. European Security And Defense Industries In A Globalized Market, Diane Maye Zorri

Publications

Globalization theorists show how downward pressure to compete and/or

save costs in global markets will lead producers and consumers to source

goods and services in the cheapest and most efficient manner. However, in

certain sectors, such as the defense industry, security concerns and politics

can overshadow economic logic when it comes to making procurement

decisions. These political and security concerns keep the U.S. defense

industry from using the most cost-effective supply chains and

manufacturing centers, whereas in Europe, post-Cold War socioeconomic

and political realities allowed for more transnational cooperation on

defense procurement. Three cases serve to illustrate the spectrum between …

Exploring Late Globalization: A Viewpoint, Romeo V. Turcan

Markets, Globalization & Development Review

The purpose of this viewpoint paper is to motivate a program of research on late globalization, a program that could eventually lead to one or more significant theories of late globalization. The paper explores the phenomenon of late globalization as well as the idea of “late” by drawing on sparse literature on late globalization from sociocultural and economic perspectives. It illustrates in a vignette the character and features of late globalization observable in the withdrawal from foreign locations or de-internationalization of universities, as late globalizing entities. The paper discusses the range of constructs around the core idea of late globalization, …

A Journal For A Fast-Changing World, Nikhilesh Dholakia, Deniz Atik

Markets, Globalization & Development Review

No abstract provided.

Does Globalization Affect Top Income Inequality?, Rene Cabral, Rocio Garcia-Diaz, Andre V. Mollick

School of Economics and Finance Faculty Publications

We reexamine in this paper the role of globalization on top income shares (five classes from top 0.1% to top 10% of the income distribution) for a sample of 15 economies over the period 1970–2004. We investigate financial globalization measures that complement trade openness. Our system GMM (SGMM) estimations allow for a robust treatment of the endogeneity between income concentration and GDP per capita (as well as with taxation or government size). We find two interesting new results. First, the financial integration measure based on portfolio equity and FDI stocks (GEQ) turns out to have a large impact on top …

Essays On Monetary Policy Rules And Inflation Dynamics, Saad Ahmad

Graduate Theses and Dissertations

There has been a growing trend to utilize nonlinear models to analyze key issues in monetary policy and international macroeconomics. Using traditional linear models to understand nonlinear relationships can often lead to inaccurate inference and erroneous policy recommendations. The three essays in this dissertation explore nonlinearity in the Federal Reserve’s policy response as well as between a country’s inflation dynamics and integration in the global economy. My aim in accounting for potential nonlinearity is to get a better understanding of the policy makers’ opportunistic approach to monetary policy and evaluate the inflation globalization hypothesis, which basically predicts that global factors …

The Dynamics Of The Local And The Global: Implications For Marketing And Development, A. Fuat Fırat

Markets, Globalization & Development Review

Globalization’s contemporary omnipresence has resulted in an emphasis on the conflicts between the local and the global. This emphasis has blurred our ability to have insights that may be gained by recognizing that the local and the global are interdependent and cannot exist without each other. This paper explores the initial insights from such recognition regarding local identities, cultural development, and modern marketing’s shortcomings in aiding development. Preliminary conclusions as to how a new conceptualization of marketing can be instrumental in enrichment of meaningful and substantive human lives through constructing redefinitions of development and marketing based on these insights are …

Ismd: Glimpses In The Rearview Mirror, Ruby Roy Dholakia

Markets, Globalization & Development Review

This retrospective commentary looks back to the 1970s, 1980s, 1990s and later decades to trace the originating ideas, intellectual influences, personalities, academic ventures and other events that spawned and shaped the International Society of Markets and Development (ISMD), the parent sponsoring organization of Markets, Globalization & Development Review (MGDR). From this rich history, this commentary hopes to inspire existing and emerging generations of authors to explore the areas of interest to ISMD and MGDR, and to contribute to this journal.

Markets, Globalization, Development: Charting The Intersections Of Three Multipolar Concepts, Nikhilesh Dholakia, Deniz Atik

Markets, Globalization & Development Review

Via this introductory article, the founding editors of MGDR welcome the global readership and potential base of contributors to this journal. This essay lays out the editors views of the three momentous concepts that form the title of this journal -- markets, globalization and development -- and the intersections of these. Of course, as a journal MGDR remains open to all views of these concepts, so long they are thoroughly researched and presented in a spirit of open dialogue and discussion.

How Global Rules And Markets Are Shaping India’S Rise On The International Stage, Aseema Sinha

CMC Faculty Publications and Research

Over the last quarter century, India has shifted from a hesitant economic power to a confident player on the international stage. In her new book, Aseema Sinha draws on extensive research to ask where this global activism has come from, and considers the international dimensions of domestic change. Here she discusses how her findings challenge standard narratives on globalisation and the supposedly homegrown character of India’s reform trajectory.

The Effects Of Globalization On An Emerging Economy: The Case Of South Africa, Oluwasheyi S. Oladipo

Dissertations, Theses, and Capstone Projects

This dissertation examines how globalization influences selected aspects of an emerging economy, using South Africa as a case study. The dissertation consists of three chapters: two microeconomic studies and one macroeconomic paper on the effects of globalization on some of the factors affecting economic growth. One micro paper explores the impacts of openness on inequality (Chapter 1), another investigates the impacts of trade liberalization on manufacturing sector wages (Chapter 2), and the macro study, which is the final chapter, examines the effects of inflation targeting on exchange rate pass through to domestic prices (Chapter 3).

In 1994, apartheid ended in …

Globalization Of Taste And Modernity: Tracing The Development Of Western Fast Food Corporations In Urban China, Anastasia Gonchar

Student Publications

Food globalization has become an important topic in the discourse on globalization. There has been a rapidly rising trend of multinational food corporations integrating and dominating foreign agro-food markets. A clear example of this trend is present in China, whose economy and food industry experienced an influx of foreign direct investment and multinational retail and restaurant branches during the country’s economic opening in the 1980s. The aim of this research is to analyze the development of food globalization through the lens of Western fast food corporations and their successful integration into the Chinese market. The research also assesses the companies’ …

Do U.S. Firms Fly Higher When Bypassing The U.S. Capital Markets? An Investigation Of The Short-Term Performance Of Foreign Ipos, Robert N. Killins, Peter V. Egly

School of Economics and Finance Faculty Publications

This paper investigates the performance of U.S. firms that partake in a foreign IPO – bypassing their domestic exchanges and raising their equity in a foreign market. The globalization of equity markets along with the increased regulations to financial markets in the U.S. has potentially led to the U.S. losing its title as the premier listing market. Using a sample of 77 U.S. based firms that totally bypassed the U.S. equity markets in their capital(equity) raising activities we are able to investigate the performance of this unique sample of firms. This investigation contributes to the literature by finding that U.S. …

Testing The Heckscher-Ohlin-Vanek Theory With A Natural Experiment, Assaf Zimring

Upjohn Institute Working Papers

This paper uses the historical episode of the near-elimination of commuting from the West Bank into Israel, which caused a large and rapid expansion of the local labor force in the West Bank, to test the predictions of the Heckscher-Ohlin-Vanek (HOV) mode of trade. I use variation between districts in the West Bank to test these predictions, and find strong support for them: Wage changes were not correlated with the size of the shock to the district labor force (Factor Price Insensitivity); Districts that received larger influx of returning commuters shifted production more towards labor intensive industries (Rybczynski effect); And …

The Doha Round And Globalization: A Failure Of World Economic Development?, William E. Keating

Theses and Dissertations

The objective of this thesis is to analyze the WTO’s Doha Round and its numerous developmental objectives, assess the major issues that led to its stagnation, as well as examine the economic prospects for developing nations and the potential future of international trade and development.

Discussing Economic Factors' Effects On Personal Saving Rate, Zhong Wang

All Graduate Plan B and other Reports, Spring 1920 to Spring 2023

Business capital and investment are increasingly moving abroad as globalization occurs, and worldwide economic integration is accordingly strengthened. The extremely low personal saving rate in the United States and the extremely high personal saving rate in China are always a concern for economists. This project uses data from the United States and economic and econometric methodologies to analyze and discuss several economic factors that affect the U.S. personal saving rate. The result shows that the housing and stock market booms, an increasing interest rate, and a decrease in the ratio of workers to retirees cause the decrease in personal saving …

Trade Reform And Regional Dynamics: Evidence From 25 Years Of Brazilian Matched Employer-Employee Data, Rafael Dix-Carneiro, Brian K. Kovak

Upjohn Institute Working Papers

We empirically study the dynamics of labor market adjustment following the Brazilian trade reform of the 1990s. We use variation in industry-specific tariff cuts interacted with initial regional industry mix to measure trade-induced local labor demand shocks, and then examine regional and individual labor market responses to those one-time shocks over two decades. Contrary to conventional wisdom, we do not find that the impact of local shocks is dissipated over time through wage-equalizing migration. Instead, we find steadily growing effects of local shocks on regional formal sector wages and employment for 20 years. This finding can be rationalized in a …

International Comovement Of Economic Fluctuations: A Spatial Analysis, Miao Wang, M. C. Sunny Wong, Jim Granato

Economics Faculty Research and Publications

We consider the comovement of economic volatility across multiple countries. Using spatial models with data from 187 countries over the period of 1960–2007, we find a strong spatial comovement of economic volatility. More interestingly, the effect of geographical proximity on economic volatility comovement is strongest during the period of international shocks (1973–86), but almost disappears over the globalization era (1987–2007). By way of contrast, the influence of trade relations in determining the comovement of economic volatility is significant over 1987–2007.

Measuring Globalization: Better Trade Statistics For Better Policy, Susan N. Houseman Editor, Michael J. Mandel Editor

Upjohn Press

Understanding the impacts of globalization requires good data, and national statistical systems were not designed to measure many of the transactions occurring in today’s global economy. The chapters in this volume and its companion volume identify biases and gaps in national statistics, examine the magnitude of the problems they pose, and propose solutions to address significant biases and fill key data gaps.

Regional Integration And National Social Policies, Mary Anne Madeira

Publications and Research

How does regionalization affect national social policies? Although there is an extensive literature on the effects of globalization on social protection, the literature on the impact of regional integration is much less developed. I argue that the distinctive nature of regionalization processes calls for rigorous empirical testing of the domestic policy effects of regional integration. To this end, using an innovative dataset that measures the degree to which countries are integrated into regional economic and political organizations, this article uses statistical analysis to consider the influence of regional integration on government social spending. The results are surprising: regionalization has a …

Cosmopolitanism And Global Justice: A Review Essay Of Cosmopolitan Regard By Richard Vernon, Tiana-Renée C. Silva

e-Research: A Journal of Undergraduate Work

While geologists may not be able to find physical proof to suggest that the world is shrinking, social scientists are convinced that this is the case. The amount of information that is shared amongst the world's citizens has grown exponentially over the years, and evidence of an increasingly interconnected world can be seen in every facet of our everyday lives from the food we eat to what we watch on television. Thousands of miles that once divided us from one another are now eliminated by telephones, the Internet, and even the ability to make telephone calls over the Internet. In …

Globalization And Development In Latin America And The Caribbean: A Review, Diego José Romero

e-Research: A Journal of Undergraduate Work

Globalization and Development: A Latin American and Caribbean Perspective (2003) is a study of the process of globalization in the economic, political and cultural spheres, focusing mainly on the economic developments. Understanding the process as being multidimensional in nature, the authors, José Antonio Ocampo and Juan Martin, the Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC) and the Special Advisor to the Executive Secretary respectively[i], analyze globalization as a historic event realized in three well-differentiated phases, which prove, that it is not an irreversible process. The authors define globalization as "the growing influence exerted at …

The More Divergent, The Better? Lessons On Trilemma Policies And Crises For Asia, Joshua Aizenman, Hiro Ito

Economics Faculty Publications and Presentations

This paper investigates the potential impacts of the degree of divergence in open macroeconomic policies in the context of the trilemma hypothesis. Using an index that measures the extent of policy divergence among the three trilemma policy choices—monetary independence, exchange rate stability, and financial openness—we find that emerging market economies have adopted trilemma policy combinations with the smallest degree of policy divergence in the last 15 years. We then investigate whether and to what extent the degree of open macro policy convergence affects the probability of a crisis and find that a developing or emerging market economy with a higher …

International Reserves Before And After The Global Crisis: Is There No End To Hoarding?, Joshua Aizenman, Yin-Wong Cheung, Hiro Ito

Economics Faculty Publications and Presentations

We evaluate the global financial crisis (GFC) and the structural changes of recent years that have been associated with new patterns of hoarding international reserves. We confirm that the determining factors of international reserves are evolving with developments in the global economy. From 1999–2006, the pre-GFC period, gross saving is associated with higher international reserves in developing and emerging markets. An outward direct-investment effect is consistent with the view of diverting international assets from the international reserve account, the “Joneses’ effect” lends support to the rivalry hoarding motivation, and commodity price volatility induces hoarding against uncertainty. During the 2007–2009 GFC, …

Future Work: Denver Metropolitan Area Jobs In A Globalizing Economy, Sharon Gabel

Electronic Theses and Dissertations

In the past twenty years, globalization has had both observable and intangible impacts on business and labor markets at the local level, that are of critical importance to communities and the people who inhabit them. While impacts of global economic change on local labor markets have been anticipated, there is little insight in the research literature into the empirical dynamics of the interrelationship between global economic change and local labor markets. This study examined the impacts of globalization on local labor markets through three lenses: (1) quantitative analysis of employment change in the Denver Metropolitan Region local labor market, (2) …

A Form In The Road: U.S. Foreign Policy And The Path Toward Globalization In The Middle East, 1945-2014, Joshua P. Brotka

History Theses

This thesis examines the history of U.S. foreign policy in the Middle East since 1945. From the start of the Cold War immediately following the conclusion of WWII and up to the present day (2014), U.S. policy has been subject to many revisions and simultaneously, upheld national security measures. As the world heads toward an era where globalization is most prevalent, the United States will have to make drastic decisions regarding its foreign policy in the Middle East. Its alliance with Israel, oil interests, Islamic fundamentalism, an evolving Muslim society, and supporting a national security agenda has forced the United …

Impacts Of The Open Door Policy And Globalization On Income Inequality In China Between The 20th Century And The Early 21st Century, Qili Jin

Accounting Undergraduate Honors Theses

Before economic reform, the Chinese economy experienced a long period of recession. The creation of Open Door Policy re-introduced globalization to China, modernized the country’s economy, and boosted citizens’ standards of living, especially for people who live in the Special Economic Zone and Tier 1 cities. As globalization re-emerged, extreme income inequality became one of the hottest topics. Prior research leads to the hypothesis that re-introduction of globalization led by the Open Door Policy increased income inequality in China. While international inequality focuses on the unequal distribution on a global scale, domestic income inequality is defined as the how material …